Calgary – September 07, 2026 -- Shell plc has closed its acquisition of ARC Resources Ltd. (TSX: ARX), adding roughly 370 kboe/d of immediate production capacity across liquids and gas in Canada's Montney basin after clearing all shareholder, court and regulatory approvals.
Deal adds 370 kboe/d and lifts Shell's production growth outlook to 4% CAGR through 2030
The transaction accelerates Shell's stated strategy of expanding exposure to long-duration, low-cost liquids production. Shell said the addition supports a production compound annual growth rate of approximately 4% through 2030 compared with 2025 levels.
ARC shareholders receive cash-and-stock package valued at roughly US$13.9 billion
Under the Arrangement Agreement, each ARC common share converts into CAD $8.20 in cash plus 0.40247 Shell ordinary shares. Based on Shell's closing share price of GBP £34.43 on September 2, 2026, and prevailing FX rates, the equity value of the deal is approximately US$13.9 billion, funded through US$3.3 billion in cash and US$10.6 billion in newly issued Shell shares.
Enterprise value reaches US$16.5 billion after Shell assumes US$2.5 billion in net debt and leases
Shell will absorb approximately US$2.5 billion in ARC's net debt and lease obligations, bringing the total enterprise value of the transaction to approximately US$16.5 billion. Shell noted that equity value and net debt figures do not sum precisely to enterprise value due to rounding.
Shell expects double-digit returns and free-cash-flow accretion starting in 2027
The company said the acquisition is expected to generate double-digit returns, strengthen long-term cash flows, and become accretive to free cash flow per share from 2027 onward. Measurement of acquired assets and liabilities for accounting purposes will be finalized through a post-completion purchase price allocation exercise.
Shell CEO Wael Sawan frames deal as expansion of Montney basin footprint
"Today we welcome ARC colleagues to Shell and look forward to building on their high-performance culture, operational excellence and technical expertise in Canada's Montney basin,